Binary Options Brokerage Managers: Who They Are and How They Conduct Themselves

Earning an income from binary options involves a partnership with brokers, who provide a platform for trading on the financial market. On this matter, not everything is clear. First off, brokerage companies provide their clients with the widest selection possible of useful trading tools, necessary for a good trading experience on the platform. Enabling anyone who wishes to try their hand at binary options trading with minimal demands.

However, it has a downside. Brokers actively use a full arsenal of all kinds of approaches, aimed at attracting as much capital from clients as possible to the company. To put it simply, the system is set up in such a way that traders are often forced to add additional funds. Of course, all without any actual violence. Namely, the various psychological marketing tricks that brokerage managers have.

In this article, we provide a detailed overview of them. Let’s consider who these binary options brokerage managers are, and what their aims and goals are. The main point being, that we will offer you practical advice, allowing clients to protect themselves from falling for tricks, aimed at your purse strings, and also giving you the advantage when conversing with personal account managers.

Who Are They?

They have various titles, such as managers, individual analysts, assistants, mentors, and so on, but in essence, they are one in the same. In reality, they are official representatives of the broker, and their job is to be a point of contact for clients and to encourage replenishing the deposit in as large a sum as possible. It is all very simple and logical, as the company’s profit is directly linked to it. However, in this article, we aren’t planning to go into brokers’ operating principles. Our topic today is different. Customer service managers exist at all the large binary options brokerage firms. However, based on feedback, several of the companies have quite aggressive tactics when working with clients.

In this area, concepts are often confused. Some users don’t understand the difference between managers and tech support associates. There are both employees of the same organization, however, they have very different jobs. The support operators are available to consult users and resolve any issues, those of a technological nature in specific, such as problems withdrawing funds, account verification, or any other kind of issue with the trading platform itself.

Support operators, however, are unable to assist users with issues involving trading strategy, signals, and so on. If a user brings up this type of problem, they will be unable to offer any solutions, however, they will direct them to analysts, which is the topic of this article. Officially, they are considered as consultants, which consult traders with problems related to trading, such as, strategy, managing capital, market analysis, and also trading methods in general.

Managers’ Operational Scheme

Individual analysts usually make contact with traders in the first few hours after registering on the site. All you need to do is create an account with your current telephone number in the profile. After that, the analyst will contact the client and advise them. The trader will receive a call from a young analyst, possibly a young, polite woman, and after introducing themselves, begin a conversation. The behavioral strategy of consultants is dependent on the category of the user, related to questions such as, have they made a deposit, if so how much, their trading results, financial losses, or profit, and also age, gender and so on. However, their end goal is always the same, to convince users to deposit more funds into their account, as large a sum as possible.

Clients are bound to hear stories of all kinds of special offers “only for you”, which proport to give you, and you alone, special privileges when replenishing your account. Some go forward, and they tell them, that they will be awarded additional bonuses and useful functional opportunities. Moreover, if the deposit is replenished through the standard method (directly following registration, without waiting for a call from the managers and receipt of various individual bonuses and discounts), then the same size of deposit will not go as far. Speaking not only about upfront bonuses on the deposit, but additional functions as well, for example, access to leading educational materials or exclusive webinars on trading. It is this in specific that we were referring to in the start of the article, that connecting with the managers can be a real benefit.

More than likely, you have already grasped the basic point. Simply put, the job of consultants is to “cultivate” clients, therefore, in order to do this, they bring money into the mix. They need to do this at any cost because consultants receive a percentage of commission from your earned profits. Therefore, all of their conversations are aimed at one result, irrespective of any individual client’s situation. For further clarity, we’ll go through all the different behavioral approaches managers take when “cultivating” different types of users.

The newcomer, who just registered for the first time on the site and isn’t ready to risk any real funds. The manager will offer significant bonuses, given once, upon the very first deposit. Moreover, they will make clear that this offer is available for a limited time. This is done so that the user has least amount of time possible to make a thoroughly thought out decision.

The client, who has lost money from trading. Conversations with this type of trader are a bit of an exception. They emphasize that the lost funds aren’t that big of a problem, that what is more important is that they’ve gained experience. Moreover, the broker is to meet with them and even return a portion of the lost funds. However, for that to happen, it is understood that they need to first replenish their balance with their own funds.

In contrast, the successful trader, who, at that moment in time, is trading in the plus. Managers work with this type of trader more rarely than with the first two types, but also fairly actively. The main emphasis is put on convincing the user that it is desirable to try to increase their current trading returns. In order to do this, as you likely guessed, they must deposit further funds into their account.

Here, we have gone through three revealing examples of how managers behave with clients. Of course, there are other categories besides these three. Other factors should be considered as well. Another important factor is improvisation. Consultants employ professional persuasion skills, developed by psychologists and social scientists.

Clients’ Reaction to Managers’ Performance

We’ve explained the general way managers handle clients, now, the obvious next step is to understand their aims and methods for achieving them. They are normal employees, who are in a specific field with its own list of requirements. They work with all clients and brokers. However, clients’ reactions to their calls differ. Based on that criteria, it’s possible to roughly divide clients into a few groups.

№1 —The users who completely ignore all communication from individual mentors. They don’t think they need any of their services. In most cases, these clients aren’t beginners, meaning that they already have experience working with options brokers, or they have traded before on other platforms. They clearly don’t need the help of a mentor.

№2 — Newcomers, who have only begun their trading careers. In this situation, individual managers and trading analysts really can help clients become acquainted with the market faster, build a basic understanding, and start earning a profit. The user can freely ask any question, directly connected to either the broker’s platform or trading in general, including trading strategies, money management, and so on. The mentor is obligated to assist the trader in any way, even in regards to the “deepest” questions.

How to Conduct Yourself Correctly When Conversing with Managers

With the right approach to talking with brokerage account managers, clients can receive additional privileges, which aren’t available elsewhere. The reality is that the most “exclusive” offers for clients are only available through individual conversations. They are not available on the site. Irrespective of your trading experience, it’s well worth keeping in contact with the managers. It doesn’t take a lot of time. It only takes one call, if conducted correctly.

So, here are the simple rules for talking with managers on their work with clients:

don’t after you know who you are speaking with (if it is not a good time to speak, request for them to call you back at a specific time);

speak to them politely, with a pleasant tone, don’t argue with them (ever);

speak less, and listen more, but answer any questions asked, the manager won’t be silent during the conversation, it is against regulation;

don’t present yourself as an experienced trader, who knows all the nuances of activities of personal consultants, but don’t pretend to be an absolute beginner;

listen to and remember (and even better, write down) every proposal the broker offers;

at the end of the call, thank the broker for the call, and say that you need some time to consider their offer.

You need to convince the manager, that you are seriously interested in getting information on the company’s promotions. The following is an even better behavioral strategy in this situation. You say that you mean business, however, you don’t want to “shoot from the hip” and prefer starting with less, making a relatively small amount of money. But if it works, and trading begins to turn a profit, and you will naturally want to increase returns.

This is a useful approach to peak the manager’s interest in speaking with you. If they decide that you aren’t likely to replenish your deposit, then you will not get further offers, your conversation will simply be over, and the consultant will move on down the list and call the next client, for them it is just their job. However, if you take a serious approach to it and show interest, then the manager will reciprocate, and fill you in on all the special offers and bonuses, which the company specifically prepared for these situations.

Important Nuances in a Productive Conversation with Brokerage Managers:

Convince the consultant that you are serious and definitely plan to deposit funds in the near future to gain a privileged status (GOLD, VIP).

Subtly highlight that based on the quality of the manager, your experience has improved your relationship with the broker and increased their reputation in your eyes in general. The consultant should understand that his help specifically is the key factor, and if the quality of service were to fall to an unacceptable level, then you would withdraw your funds and ditch the project.

Request that all of the information on exclusive offers be sent to you via email as well. Oral agreements have less legal weight than those with written records via email. It builds trust that the broker will honor their obligations. This will give you the upper hand in any dispute.

Conclusion

The main job of personal consultants is to attract new funds to the company. Whereby it makes no difference personally to the consultant, whom you will be communicating with, the end result of your trading. Their interest is, specifically, in the replenishment of your account. Managers don’t care if users swiftly lose all their recently deposited capital. Their main goal is to build a base of reliable clients, who will trust the company and not second-guess their own trading abilities to achieve success and to increase their returns accordingly.

It isn’t worth avoiding managers. However, you need to ensure that you meet them on equal ground. Otherwise, they will simply put you under reasonably strong moral pressure. Although, it is not worth “overreacting” either, or you could end up on their blacklist for “unpromising clients”, whom there is no benefit to calling. As a result of it, you could miss out on many profitable offers, which you can only find out about by talking with company representatives. And just remember, no one can physically force you to make a deposit, the final decision is yours alone.

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